Remodeling 101

Northeast Ohio’s older housing stock is ideal for investment in renovation projects.

Booming with Business

CONSUMER SPENDING FOR THE HOME REMODELING INDUSTRY CONTINUES TO GROW, BUT IT MAY PEAK BY

YEAR’S END. BY LINDA FEAGLER

Perrin, president of Artistic Renovations of Ohio in North Royalton. “Many homeowners love their house and where it’s located, but they want a different look. Those who are thinking about making a move have discovered that house pricing has skyrocketed and is continuing to rise. I tell people that by the time they figure costs in, it’s easier to remodel their current home than buy someone else’s and have to remodel it to get it to where they want it.” Escalating gas prices and inflation have AFTER COUNTLESS MONTHS of spending way too much time staring at our four walls, most not deterred sales in the home remodeling of us are clearly ready for a fresh start — and a new look. industry. Brian Pauley, owner of Remodel Me

According to the Leading Indicator of Remodeling Activity, a study conducted Today in Olmsted Falls, says by the Remodeling Futures Program at the Joint Center for Housing Studies of small upgrades are popular Harvard University, consumer spending for home improvements and repairs options. is expected to continue on the upswing. But, by the third quarter of 2022, “We’re getting calls from expenditures could begin a deceleration toward more sustainable rates of growth. homeowners asking us to take

“Strong increases in home sales activity, household incomes and home equity on projects that won’t break levels are supporting a faster expansion of the home remodeling market over the the bank,” he says. “They run coming year,” says Carlos Martin, project director of the Remodeling Futures the gamut from sprucing up Program, which seeks to better understand the growth and changing characteristics a small space with a coat of of the country’s home improvement industry. “As owners continue to navigate the paint to adding French doors ups and downs of the pandemic’s trajectory, the focus on home improvements for to create a private office.” changing wants and needs remains in sharp relief.” Regardless of the project,

Abbe Will, associate project director of the Remodeling Futures Program, says, experts ask their customers “While annual owner improvement and repair spending could reach $430 billion to keep in mind the fact by the second half of 2022, several headwinds may still temper growth expectations that material shortages and this year. The rising costs of labor and construction materials, difficulty retaining manufacturing delays make contractors and climbing interest rates could discourage owners from undertaking lead times longer. As a result, new or larger remodeling projects.” planning and patience are

Remodeling experts from the National Association of the Remodeling Industry crucial for success, advises (NARI) Greater Cleveland concur with that prediction — and then some. Robert Schwarz, president of

“I believe the trajectory in home remodeling will continue to go up,” says Ken R.B. Schwarz Inc., a historic-

Even with the spike in interest rates, loans are still affordable and well worth the investment you’re making in updating your home.” MARK MALTRY JR. JEMM Construction

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Cleveland has such a great strong, older housing market that’s really in need of renovation across the board. It’s a great time to be involved in the industry.”

DAN HURST, Hurst Design Build Remodel

home remodeling firm based in Chesterland.

“Last night, I received an email from a couple who asked me to order some plumbing fixtures for them right away because the manufacturer notified them that their order could be delayed if they wait,” Schwarz says. “Back in the day, I could visit showrooms and have materials in two weeks. COVID-19 changed that. Now, it may be two months before a shipment arrives.”

But, adds NARI Greater Cleveland chairperson of the board Mark Maltry Jr., additional waiting time from start to finish — coupled with the increased cost of materials — hasn’t deterred clients from moving forward with remodeling.

“There are some great financing options for people who don’t have the cash on hand to complete the projects they need or want to do,” says Maltry, an owner of JEMM Construction in Painesville Township. “Even with the spike in interest rates, loans are still affordable and well worth the investment you’re making in updating your home.”

Dan Hurst, president of NARI Greater Cleveland, echoes the thoughts shared by homeowners and remodelers.

“There’s no time like the present to renovate,” says Hurst, owner and COO of Hurst Design Build Remodel in Westlake. “Some people might think that if they wait, prices will soften or the housing market will open up — but I don’t think that will happen anytime soon. Cleveland has such a great strong, older housing market that’s really in need of renovation across the board. It’s a great time to be involved in the industry.”

Homeowners today are seeking expertise for smaller projects that maximize investment.

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